I didn't see any comments on the RCCH board about the Naked Short report put out on the RCCHoldings web site yesterday.
It seems to me that the existence of naked shorts in almost every area of the market including dollar stocks and pinkies is pretty much a proven fact. It's as clear as the nose on pinocchio's face! To say that naked shorts don't exist probably means the one making the statement is connected with those doing the naked shorting. EIGH would not be finding millions of undocumented shares at the brokerages if naked shorts did not exist even on stocks in which LEGAL shorts are not permitted.
Somehow or another, FINRA/SEC and others are relying on the honesty of brokers, dealers, market-makers and others to report shorts and failures to deliver. THEIR HONESTLY IS EXACTLY WHAT FINRA/SEC ARE THERE TO REGULATE! The current rules DO NOT WORK. When you think about it, the "FTD" lists are idiotic. Those are the lists compiled from brokers who have reported FTDs. If the brokers are shorting for themselves, they can post a customer's share purchase to their account, keep the money and not report their own FTD to FINRA or anyone else.
Something HAS to be done! Maybe the best way is to go back to paper certs even though it is a little slower.
DD
Whatever I say is my opinion -- and I don't know anything, so don't listen to me.
